Stock Market & Financial Investment News

Helix Energy updates well intervention fleet backlogHelix Energy Solutions Group (HLX) announced that it has been awarded its initial customer contractual commitments for the Helix 534. The Helix 534 was acquired in August from Transocean (RIG) and is undergoing modifications and upgrades necessary for conversion into a well intervention vessel at the Jurong Shipyard in Singapore. The Helix 534 is scheduled to sail from Singapore during 1Q13 and after transit to the Gulf of Mexico, is expected to be placed into service in late 2Q13. Backlog for the Helix 534 involves work in the Gulf of Mexico and extends into 2016. Meanwhile, the Q4000 has extended its strong contractual backlog through 2014, with customer interest into 2016. Helix also announced that the Skandi Constructor has also received its initial contractual awards. The Skandi Constructor is a chartered vessel and is expected to enter the Helix well intervention fleet in the spring of 2013. Its initial contract involves work in the North Sea and follows with a project off the eastern Canadian coast. Helix's two existing North Sea based well intervention vessels, the Seawell and the Well Enhancer, have been awarded customer contracts into 4Q13.

Transocean falls, levels to watchThe stock is down by over 2.4% to $15.84 at time of writing. At that price next major support is at the 52-week low at $14.50. Resistance is at $16.42, the high of the day. Susquehanna earlier downgraded the name to Negative, and cut its price target to $12.

Transocean price target lowered to $6 from $16 at Deutsche BankDeutsche Bank lowered its price target for Transocean shares to $6 after the company announced an 80% dividend reduction and the departure of its CEO. Deutsche says reducing the dividend frees up about $800M per year and that the move will likely be viewed positively since an elimination was a potential outcome. The firm, however, expects the company's free cash flow to remain negative for the "foreseeable future" and reiterates a Sell rating on the stock. Shares of the offshore driller are trading up 55c to $19.60 in pre-market trading.